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Island Finance in Focus: Advancing Timely Audits and Regional Coordination at the IGFOA 2023 Winter Meeting
Dec 21, 2023
Monique
Minimum Wage in the Republic of the Marshall Islands (RMI)
<span style="font-size:11.0pt"><span style="font-family:"Calibri",sans-serif">This Technical Note, prepared by the Graduate School USA's Economic Monitoring and Analysis Program (EconMAP) team, reviews establishment of an appropriate minimum wage in the Republic of the Marshall Islands (RMI) based on the Basic Needs Poverty Line (BNPL). It outlines the need for a revised minimum wage policy to safeguard urban living standards due to the inadequacy of the current rate of $3.00 per hour. Through comprehensive analysis, including the use of data from the Household Income and Expenditure Survey (HIES) and inflation calculations, the note indicates and RMI minimum wage reaching $5.25 per hour would be well-justified on social protection grounds. Such an adjustment would elevate urban living standards above the poverty line while balancing the impact on inflation and private sector costs. Finally, the document suggests that alternative mechanisms, such as a Universal Basic Income, might be necessary to address the needs of outer atoll communities.</span></span>
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Marshall Islands
Minimum Wage in the Republic of the Marshall Islands (RMI)
Posted Mar 18, 2024
This Technical Note, prepared by the Graduate School USA's Economic Monitoring and Analysis Program (EconMAP) team, reviews establishment of an appropriate minimum wage in the Republic of the Marshall Islands (RMI) based on the Basic Needs Poverty Line (BNPL). It outlines the need for a revised minimum wage policy to safeguard urban living standards due to the inadequacy of the current rate of $3.00 per hour. Through comprehensive analysis, including the use of data from the Household Income and Expenditure Survey (HIES) and inflation calculations, the note indicates and RMI minimum wage reaching $5.25 per hour would be well-justified on social protection grounds. Such an adjustment would elevate urban living standards above the poverty line while balancing the impact on inflation and private sector costs. Finally, the document suggests that alternative mechanisms, such as a Universal Basic Income, might be necessary to address the needs of outer atoll communities.
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The RMI Economic Brief is produced annually to provide an independent assessment of the Republic of the Marshall Island's economic performance and policy environment, as well as independently verified economic statistics. The RMI Economic Brief summarizes the full RMI Economic Review, which is developed to assist the government of RMI and the U.S. Department of the Interior’s Office of Insular Affairs to fulfill their respective reporting requirements under the RMI's Compact of Free Association with the United States. The review summarizes recent economic performance, sectoral issues, external debt, fiscal performance and policy, public financial management, state-owned enterprise reform, the financial sector, private sector development, Compact issues, and the economic outlook.
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